Zach Rector, a well-known voice in the crypto market, has hinted at a potential significant surge in the price of XRP after it retested the $0.41 mark, with a target of $1.67 on the horizon.
During a discussion on the current market conditions, Rector pointed out the recent decline of XRP to alarming lows. Starting from June 5, XRP experienced a series of drops, ultimately hitting $0.4508 just two days later. Prior to this, there was a notable dip to $0.4188 in April.
Despite a recovery from the April slump, bearish pressure persisted, leading to the recent drop to $0.4508. Rector’s analysis included a chart showing how the April price drop prompted a retest of a crucial support level.
This support level has historically acted as a launchpad for XRP’s price surge over the past four years. Rector highlighted the $0.28756 price point as a significant level, marked by a yellow support line on the weekly chart. Whenever XRP touched this level, it saw a significant increase in price.
This trend first emerged in the 2020/2021 cycle, with XRP hovering around the support zone for weeks before skyrocketing by 573% to reach a high of $1.96 in April 2021, despite legal challenges from the SEC vs. Ripple lawsuit.
Following a drop from $1.96, XRP revisited the support line due to market turbulence caused by the Terra contagion in 2022. This retest was followed by a rebound, pushing XRP up by 229% to $0.93 after the ruling in July 2023 declared it a non-security.
Rector has since adjusted the support line to the range of $0.40 to $0.45 and believes that XRP will use this support as a springboard for future price surges. While no specific price predictions were made, the chart indicates resistance levels, with targets set at $0.9374 and $1.28 before aiming for $1.678.
Recent data shows that XRP has already bounced back from the recent dip, rising by 5.88% to reclaim the $0.50 mark. Currently trading at $0.5181, XRP has seen a 4% increase in the last 24 hours, making it one of the top gainers among the top 15 cryptocurrencies. The RSI for XRP has also surged to 55 amid this upward momentum.
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